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Tag Archives: FCA
AI in Financial Services: Update on best practice for firms
Artificial intelligence (“AI”) has become increasingly crucial for UK firms due to the digital transformation of financial service providers in recent years. Our previous article examined the divergence between the UK and EU in AI regulation. In doing so, we …
Posted in Longer Reads
Tagged AI, Artificial Intelligence, BoE, digital, FCA
Comments Off on AI in Financial Services: Update on best practice for firms
A new direction for FCA decision making
As part of the Financial Conduct Authority’s (“FCA”) “Transformation Programme” to become a more innovative and assertive regulator, the FCA has announced its new approach to decision making. The policy statement (PS21/16) amends the FCA’s Enforcement Guide (EG) and Decisions …
Posted in Shorter Reads
Tagged FCA, regulator, Transfer of power, Transformation programme
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The impact of the FCA climate-related disclosure rules on funds and investors
The FCA has been considering the implementation of new climate-related disclosure rules for asset managers and some other FCA-regulated firms. Valentina Falicheva, an associate in our Corporate and Commercial team discusses the proposals, what the new rules mean in practice …
Posted in Shorter Reads
Tagged Climate, disclosure rules, FCA, FUNDS, Investors
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Libor transition update: Synthetic rates for Sterling and Yen
The FCA has confirmed that synthetic rates will be published for 1, 3 and 6 month Sterling and Yen LIBOR from the 1st of January 2022, for at least 12 months. These rates will be available for use in all legacy …
Posted in Shorter Reads
Tagged FCA, LIBOR, sonia, Yen
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Online financial scams: Google to vet advertisers following FCA threats
There is no doubt that the pandemic has boosted the amount of time that consumers spend online and, in turn, online scammers have ramped up their fraudulent advertising particularly on social media and search engine platforms. This advertising led the …
Cryptocurrency exchange Binance banned from operating in the U.K. by FCA
Cryptocurrency exchange Binance has been banned from operating in the U.K. by the Financial Conduct Authority, in the latest sign of a growing crackdown on the crypto market around the world. The FCA said that Binance Markets Limited, the U.K. …
Posted in Shorter Reads
Tagged binance, crypto, cryptocurrency, FCA
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Amigo sub-prime lender scheme of arrangement rejected by court
The High Court has agreed with the FCA to reject a scheme of arrangement proposed by subprime lender Amigo, on the grounds that the compensation scheme it proposed to deal with complaints of misselling was not fair. This is a …
Posted in Shorter Reads
Tagged amigo, FCA, provident financial
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LIBOR TRANSITION UPDATE: q1 2021
FCA announcement on future cessation and loss of representativeness of the LIBOR benchmarks In March this year, the FCA confirmed that all 35 LIBOR settings will either cease to be published by the ICE Benchmark Administration and/or will no longer …
FCA fines broking firm for misleading conduct
The FCA has imposed a fine on broking firm TFS-ICAP for misleading customers in the FX derivatives market. The regulator found that between 2008 and 2015, brokers at TFS-ICAP openly carried out a deceptive practice known as “printing” trades. The …
Posted in Shorter Reads
Tagged derivatives, FCA, financial, Forex, FX, ICAP
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FCA bans the sale of crypto-derivatives to retail consumers – what do firms need to know?
On 6 October 2020 the FCA published rules which banned the sale of derivatives and exchange traded notes that include certain types of cryptoassets for retail customers. The FCA considers these products to be ill-suited for retail consumers given the …
Posted in Shorter Reads
Tagged crypto derivatives, cryptoassets, FCA
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